UOB offers the facility to transfer your credit card balance from a different bank to UOB (Malaysia) (UOBM) credit card at a lower interest rate. You have the flexibility of re-paying the outstanding balance in a period of up to 18 months under Reducing Balance plan or Fixed-Pay plan.
UOB Balance Transfer Programme in Tabular Form
Reducing Balance Plan:
Benefits of UOB Balance Transfer
The benefits of Balance Transfer are:
- All your credit card bills can be consolidated at a lower interest.
- You have the flexibility to pay a minimum of 5% of your instalment amount per month or RM50, whichever is higher.
- You can choose between Reducing Balance plan and Fixed-Pay plan based on your convenience.
How to Complete UOB Balance Transfer
You can apply for UOB Balance Transfer in the following ways:
You can send an SMS with the text UOBBT to the number 66300 to notify the bank that you are interested in Balance Transfer. An officer from UOB will call you back in a few working days to share required information regarding the process.
- You can call UOB Customer Service Centre at any time of the day to find out more information regarding the Balance Transfer process.
- You can download the application form of either Reducing Balance plan or Fixed-Pay plan and submit the duly-filled form along with the credit card statement from the other bank and mail it to UOB Card Centre, P.O. Box 10253, 50708 Kuala Lumpur. Alternatively, you can also send in the form via fax to 03-2690 0002. Remember to send with the application.
Terms & Conditions
- The scheme is valid if you are a new or existing principal cardholder with UOBM.
- In order to transfer the outstanding balance, you must be the principal cardholder of the credit card from the bank from where the transfer takes place.
- You can submit more than one application for Balance Transfer. The approval of these applications depends on the bank’s credit limits.
- The bank reserves the right to approve or deny any application.
- The bank may alter the terms and conditions at any time after giving a notice of 21 days.
- Your UOBM card must be active at the time of making the transfer request and must have enough credit limit for the Balance Transfer to be approved.
- The maximum transferable amount is set to be 80% of the card’s credit limit.
Q. What is the minimum outstanding due that can be transferred?
A. The minimum outstanding due that can be transferred to UOBM is RM1,000.
Q. What is the maximum due that can be transferred to UOBM?
A. The maximum due that can be transferred to UOBM is RM100,000.
Q. Is there an early settlement fee?
A. Yes. You have to pay an early settlement fee of RM100 if you settle the full amount at once before the term expiry, if you terminate the credit card account with UOBM or if the bank decides to terminate your credit card account for any reason.
Q. How is the monthly instalment calculated under the Fixed-Pay plan?
A. The total payable monthly instalment is determined as follows - The sum of the total balance transferred and the interest on the balance. The sum is then divided by the repayment tenure.
Q. What happens if the designated repayment term has expired and I have not cleared the due amount?
A. Upon the expiry of the designated repayment term, you will have to pay an interest rate of 18% p.a. on the outstanding balance until you fully repay the balance.
Other Bank Balance Transfer Plans